The value of a good is
a. subjective.
b. objective or intrinsic.
c. determined by a government statistical agency.
d. determined by its cost of production.
a. subjective.
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America's banking system is called a fractional reserve system
a. True b. False Indicate whether the statement is true or false
Which statement best describes social surplus?
a. the sum of consumer surplus and producer surplus b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
Consider the market for Hewlett-Packard printers, depicted in the figure to the right, where the supply of HP printers has increased from S1 to S2. What would cause the supply curve for HP printers to shift to the right?
A. a decrease in the price of a substitute in production B. a decrease in the price of an input C. a higher expected future price for HP printers D. both A and B E. all of the above
An increase in supply is caused by:
A) an increase in resource prices. B) suppliers' expectations of higher prices in the future. C) an increase in the price of a good using the same resources. D) a decrease in the price of a good using the same resources.